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Discussion > Audit > Others >

Max. audit limit

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student


[ Scorecard : 595]
Posted On 01 August 2011 at 17:02 Report Abuse

as we know one ca can accept 45 tax audit maximum..

today i read kamal garg book..i read same line with ..."  maximum 30 audit u/s 224/228 can be accepted"
as per my knowledge ca can accept 45 audit...of whoich only 20be companies..subject to limit of public co. having. 25 or more paid up share capital be 10.
please clarify the matter....


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SIVA KUMAR
CA Final Student


[ Scorecard : 90]
Posted On 01 August 2011 at 17:05

Section 224 (1B) : Section 224 (1B) places a ceiling on the number of audits of public companies which a Chartered Accountant not in full time employment, or a firm of Chartered Accountants, can conduct.

(a) A person can be appointed as an auditor, who is not in full-time employment elsewhere, of a maximum of 20 companies as described below
(b) Where some companies have paid-up capital of or more than 25 Lacs, a person can be appointed as auditor of only 20 companies out of which not more than 10 companies can have paid up capital of or exceeding Rs. 25 Lacs.
(c) In a firm of auditors, total number of 20 companies shall be for every partner of the firm who is not in full-time employment elsewhere.

As per the fourth proviso added to sub-section (1B) by the Companies (Amendment) Act, 2000, private companies have been excluded from the existing ceiling of 20 audits per partner and sub-ceiling of 10 audits for companies having a paid up capital of Rs. 25 Lacs or more. Thus, apart from 20 audits of public companies, an auditor may conduct audit of private companies without any ceiling. 





CHIRAG DEEPAK GANATRA
CA FINAL


[ Scorecard : 1007]
Posted On 01 August 2011 at 18:12

agree with shiva




Ashok J
CA Final


[ Scorecard : 250]
Posted On 01 August 2011 at 19:22

Do not get confused between normal audit (under companies act) and tax audit under IT act. 

Sec 224 is only for audit of companies - For one CA max 30 companies (including pvt ltd out of which not more than 10 public ltd comp can have Share cap >25 lacs)

45 Tax audits for one CA - this includes ind,huf, firms, companies. 




Ashok J
CA Final


[ Scorecard : 250]
Posted On 01 August 2011 at 19:25

Companies act says no ceiling limit on audit of pvt ltd companies but restiction is imposed by ICAI.  So max - 30 companies including pvt ltd companies




M.com,CS,CAFinal Tushar Sampat
M.com CS,CA Final


[ Scorecard : 60308]
Posted On 01 August 2011 at 20:55

Originally posted by : Ashok J

Do not get confused between normal audit (under companies act) and tax audit under IT act. 

Sec 224 is only for audit of companies - For one CA max 30 companies (including pvt ltd out of which not more than 10 public ltd comp can have Share cap >25 lacs)

45 Tax audits for one CA - this includes ind,huf, firms, companies. 

AGREED .




NILESH DONGARE
CA - FINAL


[ Scorecard : 28]
Posted On 01 August 2011 at 22:22

agree with ashok.




Shrikant Subramanian
Chartered Accountant


[ Scorecard : 176]
Posted On 02 August 2011 at 10:08

1) Which section of which Act lays down the restriction that 

a) only 45 tax audits for a CA

b) 30 Company Statuatory Audits ( maximmum of 20 Public comapnies of which max 10 Public co with more than 25 lacs as paid up capital + 10 private companies can be done)

 

2) Where is written that , though there is no restriction on auditing private companies as per section 224(IB) , maximmum 30 comapnies(Pub+ pvt) only can be audited .

3) Consider an example of CA , having 10 public  companies with 25 lacs and and has offer from 25 more private comapnies. Then u mean he can accept only 20 offers.?????




arjun
Article


[ Scorecard : 51]
Posted On 02 August 2011 at 11:27

tax audit limit is increased from 30 to 45 from 11/05/2007

here is the link

 

http://www.icai.org/post.html?post_id=1349




Member (Account Deleted)
student


[ Scorecard : 595]
Posted On 02 August 2011 at 13:02

thanks all ......the below mentioned answer is i found in icai compiliation of law...which is more aminent .........

Originally posted by : Ashok J

Companies act says no ceiling limit on audit of pvt ltd companies but restiction is imposed by ICAI.  So max - 30 companies including pvt ltd companies


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